Property investment continues to thrive in Scotland, according to rent prices revealed in Your Move’s latest Scotland Buy-to-Let Index.
The average rent prices for Scottish lets have increased by 1.7% in the 12 months to February, reaching £579 a month. Month-on-month, this shows a rise of 0.2%. However, it must be considered that this overall increase for the country should not cause us to overlook the statistics of individual areas.
The Highlands and Islands saw the largest increase, at 7.3%. This took the average monthly rent in this region to £691.
Edinburgh and the Lothians saw a year-on-year rent increase of 5%. Average rent prices of £699 in the Scottish capital this the most expensive region.
Glasgow and Clyde also saw a significant price increase. Prices grew by 5.6% in the past year to February, with the average rent being £604.
In the south of Scotland, drops to average rent prices were recorded. Year-on-year, prices dropped by 2.4%, with the average rent totalling £534.
Your Move has highlighted that landlords in Scotland are achieving a 4.6% average yield for their properties, which is slightly higher than England and Wales’ 4.3%.
Brian Moran, lettings director at Your Move Scotland, said: “Our figures demonstrate that for those owning rental property returns can be good.
“With more families appearing to be looking to rent, larger family homes represent an increasingly stable option for landlords.
“It is little wonder that existing or prospective landlords from other parts of the UK are choosing to enter the strong Scottish rental market.
“For landlords already in the sector, an average yield of 4.6% could convince many to expand their portfolios in the near future.”
Have you expanded your portfolio to include properties north of the border? If you have lets in both Scotland and England, have you noticed a significant difference in rental yield? Get in touch with us on social media to let us know!